University Studios, a student-focused condo development with investor appeal in the higher-learning hub of Oshawa, has sold out within months of the project’s launch.
“The quick sales result comes from the nearby campuses,” said Saqib Qureshi, a partner at Building Capital, which alongside Podium Developments is bringing University Studios to the market.
“University of Ontario Institute of Technology and Durham College currently aren’t committed to building more student housing, so University Studios gives students the option to live near the campuses,” Qureshi, who recently chatted with BuzzBuzzHome News about this project, continued.
This demand for student housing helped the condo catch the attention of investors, who will have no trouble finding tenants to occupy the building’s SmartStudios, especially since these were created specifically with students’ needs in mind.
Each of the efficiently designed SmartStudios features a study area, European kitchen, private bathroom, and a combination table-bed. On top of that, the developers are also including the option of a three-year vendor lease-back with every one of the SmartStudios.
“The concept, to provide all facilities in a very compact studio suite size, has become an international reality in cities such as New York and San Francisco, and has now arrived in the GTA,” says Oskar Johansson, director at Podium Developments.
The low price also played an important part in University Studios’ early success, suggested Bernard Luttmer, also a director at Podium Developments.
“As an investment, at $149,990, University Studios was the best deal in the GTA,” he said. “The units are fully-managed by Varsity Properties and offer a hands-off real estate property,” he added, noting,“It’s no surprise investors were quick to grab this opportunity.”
For more information about University Studios, located at 1900 Simcoe Street North and currently in the pre-construction phase, visit universitystudios.ca.